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Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
ASSETS    
Cash and cash equivalents $ 82,132,927 $ 84,430,059
Cash held by noncontrolling shareholders 10,016,227 0
Investments 164,791,720 203,488,217
Accounts receivable 17,402,023 20,290,283
Prepaid expenses 2,526,105 2,372,712
Property and equipment, net of depreciation 6,329,166 3,680,472
Deferred taxes 11,956,745 11,466,100
Total assets 295,154,913 325,727,843
Liabilities    
Accounts payable and accrued expenses 12,298,154 15,561,491
Accrued incentive compensation 4,500,000 26,754,167
Income taxes payable 4,918,929 2,768,681
Deferred compensation 26,777,526 22,387,874
Total liabilities 48,494,609 67,472,213
Redeemable noncontrolling interest 36,249,454 62,679,687
Permanent Shareholders’ equity    
Common stock, no par value 7,000,000 shares authorized; 3,494,599 issued and outstanding at March 31, 2019 (inclusive of 232,200 unvested shares); 3,499,285 issued and outstanding at December 31, 2018 (inclusive of 211,575 unvested shares) 124,484,045 124,933,060
Preferred stock, undesignated, 1,000,000 shares authorized and unissued 0 0
Deferred equity compensation (23,656,774) (22,008,054)
Retained earnings 109,583,579 92,650,937
Total permanent shareholders’ equity 210,410,850 195,575,943
Total liabilities and shareholders’ equity $ 295,154,913 $ 325,727,843
Book value per share (usd per share) $ 60.21 $ 55.89